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 Amedisys Reports Second Quarter 2019 Financial Results and Updates 2019 Guidance
   Wednesday, July 31, 2019 4:15:00 PM ET

BATON ROUGE, La., July 31, 2019 (GLOBE NEWSWIRE) -- Amedisys, Inc. (NASDAQ: AMED) today reported its financial results for the three and six-month periods ended June 30, 2019.

Three Month Periods Ended June 30, 2019 and 2018

  • Net service revenue increased $81.4 million to $493.0 million compared to $411.6 million in 2018.
  • Net income attributable to Amedisys, Inc. of $33.7 million compared to $33.3 million in 2018.
  • Net income attributable to Amedisys, Inc. per diluted share of $1.02 compared to $0.98 in 2018.


Adjusted Quarterly Results*

  • Adjusted EBITDA of $61.4 million compared to $49.7 million in 2018.
  • Adjusted net service revenue of $498.5 million compared to $413.3 million in 2018.
  • Adjusted net income attributable to Amedisys, Inc. of $39.9 million compared to $34.1 million in 2018.
  • Adjusted net income attributable to Amedisys, Inc. per diluted share of $1.21 compared to $1.00 in 2018.

Six Month Periods Ended June 30, 2019 and 2018

  • Net service revenue increased $149.4 million to $960.3 million compared to $810.9 million in 2018.
  • Net income attributable to Amedisys, Inc. of $65.0 million compared to $60.5 million in 2018.
  • Net income attributable to Amedisys, Inc. per diluted share of $1.98 compared to $1.76 in 2018.

Adjusted Year to Date Results*

  • Adjusted EBITDA of $116.2 million compared to $91.4 million in 2018.
  • Adjusted net service revenue of $966.3 million compared to $812.6 million in 2018.
  • Adjusted net income attributable to Amedisys, Inc. of $76.3 million compared to $61.4 million in 2018.
  • Adjusted net income attributable to Amedisys, Inc. per diluted share of $2.32 compared to $1.79 in 2018.

*   See pages 12 and 13 for the definition and reconciliations of non-GAAP financial measures to GAAP measures.

Paul B. Kusserow, President and Chief Executive Officer stated, “I am very proud of our second quarter results as we continue to best internal and external expectations. Most importantly and core to what we do, our growth allows us to bring clinical excellence to even more patients across home health, hospice and personal care. Providing our clinically distinct services to as many patients wherever they call home is why we get out of bed every morning and I am thankful to our team of over 21,000 employees for continuing to do all that you do to drive such impressive results and provide such incredible care.”

Updated 2019 Guidance

  • Net service revenue is anticipated to be in the range of $1.94 billion to $1.98 billion.
  • Adjusted EBITDA is anticipated to be in the range of $213 million to $216 million.
  • Adjusted diluted earnings per share is anticipated to be in the range of $4.05 to $4.12 based on an estimated 33.1 million shares outstanding.

This guidance excludes the effects of any future acquisitions, if any are made.

We urge caution in considering the current trends and 2019 guidance disclosed in this press release. The home health and hospice industry is highly competitive and subject to intensive regulations, and trends are subject to numerous factors, risks, and uncertainties, some of which are referenced in the cautionary language below and others that are described more fully in our reports filed with the Securities and Exchange Commission (“SEC”) including our Annual Report on Form 10-K for the fiscal year ended December 31, 2018, and subsequent Quarterly Reports on Form 10-Q, and current reports on Form 8-K which can be found on the SEC’s internet website, http://www.sec.gov , and our internet website, http://www.amedisys.com .

Earnings Call and Webcast Information

Amedisys will host a conference call on Thursday, August 1, 2019, at 11:00 a.m. ET to discuss its second quarter results. To participate on the conference call, please call before 11:00 a.m. ET to either (877) 524-8416 (Toll-Free) or (412) 902-1028 (Toll). A replay of the conference call will be available through September 1, 2019 by dialing (877) 660-6853 (Toll-Free) or (201) 612-7415 (Toll) and entering conference ID #13691942.

A live webcast of the call will be accessible through our website on our Investor Relations section at the following web address: http://investors.amedisys.com .

Non-GAAP Financial Measures

This press release includes reconciliations of the most comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”) to non-GAAP financial measures. The non-GAAP financial measures as defined under SEC rules are as follows: (1) adjusted EBITDA, defined as net income attributable to Amedisys, Inc. before provision for income taxes, net interest expense and depreciation and amortization, excluding certain items; (2) adjusted net service revenue, defined as net service revenue excluding certain items; (3) adjusted net income attributable to Amedisys, Inc., defined as net income attributable to Amedisys, Inc. excluding certain items; and (4) adjusted net income attributable to Amedisys, Inc. per diluted share, defined as net income attributable to Amedisys, Inc. common stockholders per diluted share excluding certain items. Management believes that these non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, are useful gauges of our current performance and are also included in internal management reporting. These non-GAAP financial measures should be considered in addition to, and not more meaningful than or as an alternative to the GAAP financial measures presented in this earnings release and the company’s financial statements. Non-GAAP measures as presented herein may not be comparable to similarly titled measures reported by other companies since not all companies calculate these non-GAAP measures consistently.

Additional information

Amedisys, Inc. (the “Company”) is a leading healthcare at home Company delivering personalized home health, hospice and personal care. Amedisys is focused on delivering the care that is best for our patients, whether that is home-based personal care; recovery and rehabilitation after an operation or injury; care focused on empowering them to manage a chronic disease; or hospice care at the end of life. More than 3,000 hospitals and 65,000 physicians nationwide have chosen Amedisys as a partner in post-acute care. Founded in 1982, headquartered in Baton Rouge, LA with an executive office in Nashville, TN, Amedisys is a publicly held company. With more than 21,000 employees in 471 care centers within 38 states and the District of Columbia, Amedisys is dedicated to delivering the highest quality of care to the doorsteps of more than 376,000 patients and clients in need every year. For more information about the Company, please visit: www.amedisys.com .

We use our website as a channel of distribution for important company information. Important information, including press releases, investor presentations and financial information regarding our company, is routinely posted on and accessible on the Investor Relations subpage of our website, which is accessible by clicking on the tab labeled “Investors” on our website home page. Visitors to our website can also register to receive automatic e-mail and other notifications alerting them when new information is made available on the Investor Relations subpage of our website.

Forward-Looking Statements

When included in this press release, words like “believes,” “belief,” “expects,” “plans,” “anticipates,” “intends,” “projects,” “estimates,” “may,” “might,” “would,” “should” and similar expressions are intended to identify forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a variety of risks and uncertainties that could cause actual results to differ materially from those described therein. These risks and uncertainties include, but are not limited to the following: changes in or our failure to comply with existing federal and state laws or regulations or the inability to comply with new government regulations on a timely basis, changes in Medicare and other medical payment levels, our ability to open care centers, acquire additional care centers and integrate and operate these care centers effectively, competition in the healthcare industry, changes in the case mix of patients and payment methodologies, changes in estimates and judgments associated with critical accounting policies, our ability to maintain or establish new patient referral sources, our ability to consistently provide high-quality care, our ability to attract and retain qualified personnel, changes in payments and covered services by federal and state governments, future cost containment initiatives undertaken by third-party payors, our access to financing, our ability to meet debt service requirements and comply with covenants in debt agreements, business disruptions due to natural disasters or acts of terrorism, our ability to integrate, manage and keep our information systems secure, our ability to realize the anticipated benefits of the acquisition of Compassionate Care Hospice (“CCH”), our ability to comply with requirements stipulated in the CCH corporate integrity agreement, and changes in law or developments with respect to any litigation relating to the Company, including various other matters, many of which are beyond our control.

Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on any forward-looking statement as a prediction of future events. We expressly disclaim any obligation or undertaking and we do not intend to release publicly any updates or changes in our expectations concerning the forward-looking statements or any changes in events, conditions or circumstances upon which any forward-looking statement may be based, except as required by law.

Contact: Investor Contact: Media Contact:
  Amedisys, Inc.
Nick Muscato
Vice President, Strategic Finance
(855) 259-2046
IR@amedisys.com
 Amedisys, Inc.
Kendra Kimmons
Vice President, Marketing & Communications
(225) 299-3720
kendra.kimmons@amedisys.com

AMEDISYS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
(Unaudited)

  For the Three-Month
Periods Ended June 30
  For the Six-Month
Periods Ended June 30
 
  2019  2018  2019  2018 
Net service revenue $492,984  $411,603  $960,324  $810,865 
Cost of service, excluding depreciation and amortization  290,752   242,564   566,026   480,873 
General and administrative expenses:                
Salaries and benefits  98,356   77,215   193,186   152,846 
Non-cash compensation  5,538   3,767   12,153   7,811 
Other  48,408   42,104   91,810   83,784 
Depreciation and amortization  5,179   3,125   8,074   6,718 
                 
Operating expenses  448,233   368,775   871,249   732,032 
                 
Operating income  44,751   42,828   89,075   78,833 
Other income (expense):                
Interest income  20   114   44   234 
Interest expense  (4,332)  (2,140)  (7,681)  (3,843)
Equity in earnings from equity method investments  3,716   2,976   4,932   4,836 
Miscellaneous, net  193   359   429   960 
                 
Total other (expense) income, net  (403)  1,309   (2,276)  2,187 
                 
Income before income taxes  44,348   44,137   86,799   81,020 
Income tax expense  (10,308)  (10,596)  (21,186)  (20,159)
                 
Net income  34,040   33,541   65,613   60,861 
Net income attributable to noncontrolling interests  (298)  (192)  (567)  (353)
                 
Net income attributable to Amedisys, Inc. $33,742  $33,349  $65,046  $60,508 
                 
Basic earnings per common share:                
Net income attributable to Amedisys, Inc. common stockholders $1.05  $1.00  $2.03  $1.80 
Weighted average shares outstanding  32,075   33,439   32,038   33,705 
Diluted earnings per common share:                
Net income attributable to Amedisys, Inc. common stockholders $1.02  $0.98  $1.98  $1.76 
Weighted average shares outstanding  32,933   34,179   32,913   34,391 
                 

AMEDISYS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share data)

  June 30, 2019
(unaudited)
  December 31,
2018
 
ASSETS      
Current assets:        
Cash and cash equivalents $13,902  $20,229 
Patient accounts receivable  239,674   188,972 
Prepaid expenses  8,957   7,568 
Other current assets  13,252   7,349 
         
Total current assets  275,785   224,118 
Property and equipment, net of accumulated depreciation of $98,936 and $95,472  29,762   29,449 
Operating lease right of use assets  85,026    
Goodwill  664,822   329,480 
Intangible assets, net of accumulated amortization of $35,402 and $33,050  61,966   44,132 
Deferred income taxes  30,213   35,794 
Other assets  58,288   54,145 
         
Total assets $1,205,862  $717,118 
         
LIABILITIES AND EQUITY      
Current liabilities:        
Accounts payable $35,690  $28,531 
Payroll and employee benefits  111,660   92,858 
Accrued expenses  131,860   99,475 
Current portion of long-term obligations  7,610   1,612 
Current portion of operating lease liabilities  26,187    
         
Total current liabilities  313,007   222,476 
Long-term obligations, less current portion  266,468   5,775 
Operating lease liabilities, less current portion  57,392    
Other long-term obligations  6,053   6,234 
         
Total liabilities  642,920   234,485 
         
Equity:        
Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued or outstanding      
Common stock, $0.001 par value, 60,000,000 shares authorized; 36,445,591 and 36,252,280 shares issued; and 32,130,184 and 31,973,505 shares outstanding  36   36 
Additional paid-in capital  623,309   603,666 
Treasury stock, at cost 4,315,407 and 4,278,775 shares of common stock  (246,175)  (241,685)
Accumulated other comprehensive income  15   15 
Retained earnings  184,596   119,550 
         
Total Amedisys, Inc. stockholders’ equity  561,781   481,582 
Noncontrolling interests  1,161   1,051 
         
Total equity  562,942   482,633 
         
Total liabilities and equity $1,205,862  $717,118 
         

AMEDISYS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND DAYS REVENUE OUTSTANDING
(Amounts in thousands, except statistical information)
(Unaudited)

  For the Three-Month
Periods Ended June 30
  For the Six-Month
Periods Ended June 30
 
  2019  2018  2019  2018 
Cash Flows from Operating Activities:                
Net income $34,040  $33,541  $65,613  $60,861 
Adjustments to reconcile net income to net cash provided by operating activities:                
Depreciation and amortization  5,179   3,125   8,074   6,718 
Non-cash compensation  5,538   3,767   12,153   7,811 
401(k) employer match  2,307   2,327   4,686   4,894 
Amortization and impairment of operating lease right of use assets  9,150      17,495    
Loss (gain) on disposal of property and equipment  2   87   (2)  650 
Deferred income taxes  2,606   6,200   5,875   9,145 
Equity in earnings from equity method investments  (3,716)  (2,976)  (4,932)  (4,836)
Amortization of deferred debt issuance costs/debt discount  220   177   433   355 
Write off of deferred debt issuance costs     38      38 
Return on equity investment  117   1,579   842   2,204 
Changes in operating assets and liabilities, net of impact of acquisitions:                
Patient accounts receivable  (1,832)  (4,656)  (24,165)  3,604 
Other current assets  2,292   (4,698)  (8,343)  (11,680)
Other assets  282   642   (56)  688 
Accounts payable  1,665   5,146   (9,475)  3,623 
Accrued expenses  10,424   6,355   29,262   4,548 
Other long-term obligations  (37)  (1)  (181)  2,347 
Operating lease liabilities  (8,061)     (16,200)   
Operating lease right of use assets  (910)     (1,754)   
                 
Net cash provided by operating activities  59,266   50,653   79,325   90,970 
                 
Cash Flows from Investing Activities:                
Proceeds from sale of deferred compensation plan assets  5   9   213   471 
Proceeds from the sale of property and equipment  81   6   146   11 
Investments in equity method investees  (90)     (210)   
Purchases of property and equipment  (1,495)  (149)  (2,693)  (1,611)
Acquisitions of businesses, net of cash acquired  (17,547)  (1,824)  (345,414)  (4,074)
                 
Net cash used in investing activities  (19,046)  (1,958)  (347,958)  (5,203)
                 
Cash Flows from Financing Activities:                
Proceeds from issuance of stock upon exercise of stock options  987   2,484   1,343   2,609 
Proceeds from issuance of stock to employee stock purchase plan  752   560   1,534   1,157 
Shares withheld upon stock vesting  (1,802)  (1,527)  (4,490)  (2,832)
Noncontrolling interest distribution  (91)  (322)  (457)  (350)
Proceeds from borrowings under term loan        175,000    
Proceeds from borrowings under revolving line of credit  23,000   127,500   184,500   127,500 
Repayments of borrowings under revolving line of credit  (58,000)     (92,000)   
Principal payments of long-term obligations  (1,718)  (87,656)  (2,277)  (90,475)
Debt issuance costs     (2,433)  (847)  (2,433)
Purchase of company stock     (181,402)     (181,402)
                 
Net cash (used in) provided by financing activities  (36,872)  (142,796)  262,306   (146,226)
                 
Net increase (decrease) in cash and cash equivalents  3,348   (94,101)  (6,327)  (60,459)
Cash and cash equivalents at beginning of period  10,554   120,005   20,229   86,363 
                 
Cash and cash equivalents at end of period $13,902  $25,904  $13,902  $25,904 
                 
Supplemental Disclosures of Cash Flow Information:                
Cash paid for interest $3,462  $1,015  $4,187  $2,080 
                 
Cash paid for income taxes, net of refunds received $7,445  $3,336  $7,849  $6,149 
                 
Days revenue outstanding (1)  41.1   41.1   41.1   41.1 

(1) Our calculation of days revenue outstanding at June 30, 2019 and 2018 is derived by dividing our ending patient accounts receivable by our average daily patient revenue for the three month periods ended June 30, 2019 and 2018, respectively.

AMEDISYS, INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(Amounts in millions, except statistical information)
(Unaudited)

Segment Information - Home Health

  For the Three-
Month Periods
Ended June 30,
 
  2019  2018 
Financial Information (in millions):        
Medicare $219.1  $206.3 
Non-Medicare  99.5   85.2 
         
Net service revenue  318.6   291.5 
Cost of service  187.8   176.5 
         
Gross margin  130.8   115.0 
Other operating expenses  75.1   69.2 
         
Operating income $55.7  $45.8 
         
Same Store Growth (1):        
Medicare revenue  6  6
Non-Medicare revenue  17  18
Total admissions  7  6
Total volume (2)  6  8
Total Episodic admissions (3)  6  5
Total Episodic volume (4)  4  6
Key Statistical Data - Total (5):        
Medicare:        
Admissions  48,870   47,058 
Recertifications  27,777   28,431 
         
Total volume  76,647   75,489 
Completed episodes  76,302   74,776 
Visits  1,322,393   1,318,074 
Average revenue per completed episode (6) $2,953  $2,874 
Visits per completed episode (7)  17.6   17.8 
Non-Medicare:        
Admissions  32,893   29,271 
Recertifications  15,584   13,891 
         
Total volume  48,477   43,162 
Visits  774,093   690,548 
Total (5):        
Visiting Clinician Cost per Visit $81.97  $80.07 
Clinical Manager Cost per Visit  7.65   7.76 
         
Total Cost per Visit $89.62  $87.83 
Visits  2,096,486   2,008,622 


  For the Six-
Month Periods
Ended June 30,
 
  2019  2018 
Financial Information (in millions):        
Medicare $432.5  $411.3 
Non-Medicare  196.2   164.3 
         
Net service revenue  628.7   575.6 
Cost of service  373.5   350.9 
         
Gross margin  255.2   224.7 
Other operating expenses  147.5   138.0 
         
Operating income $107.7  $86.7 
         
Same Store Growth (1):        
Medicare revenue  5%  5%
Non-Medicare revenue  20%  16%
Total admissions  7%  5%
Total volume (2)  6%  7%
Total Episodic admissions (3)  5%  4%
Total Episodic volume (4)  4%  6%
Key Statistical Data - Total (5):        
Medicare:        
Admissions  99,190   96,513 
Recertifications  54,889   55,667 
         
Total volume  154,079   152,180 
Completed episodes  150,280   147,612 
Visits  2,653,802   2,632,200 
Average revenue per completed episode (6) $2,928  $2,833 
Visits per completed episode (7)  17.5   17.5 
Non-Medicare:        
Admissions  66,542   59,160 
Recertifications.  30,267   26,323 
         
Total volume  96,809   85,483 
Visits  1,527,772   1,351,481 
Total (5):        
Visiting Clinician Cost per Visit $81.51  $80.20 
Clinical Manager Cost per Visit  7.83   7.88 
         
Total Cost per Visit $89.34  $88.08 
Visits  4,181,574   3,983,681 

(1) Same store information represents the percent change in our Medicare, Non-Medicare, Total and Episodic revenue, admissions or volume for the period as a percent of the Medicare, Non-Medicare, Total and Episodic revenue, admissions or volume of the prior period.
(2) Total volume includes all admissions and recertifications.
(3) Total Episodic admissions includes admissions for Medicare and Non-Medicare payors that bill on a 60-day episode of care basis.
(4) Total Episodic volume includes admissions and recertifications for Medicare and Non-Medicare payors that bill on a 60-day episode of care basis.
(5) Total includes acquisitions and denovos.
(6) Average Medicare revenue per completed episode is the average Medicare revenue earned for each Medicare completed episode of care.
(7) Medicare visits per completed episode are the home health Medicare visits on completed episodes divided by the home health Medicare episodes completed during the period.

Segment Information - Hospice

  For the Three-
Month Periods
Ended June 30,
 
  2019  2018 
Financial Information (in millions):        
Medicare $145.8  $96.9 
Non-Medicare  7.4   4.5 
         
Net service revenue  153.2   101.4 
Cost of service  87.3   51.7 
         
Gross margin  65.9   49.7 
Other operating expenses  35.3   20.6 
         
Operating income $30.6  $29.1 
         
Same Store Growth (1):        
Medicare revenue  1%  13%
Hospice admissions  7%  7%
Average daily census  5%  12%
Key Statistical Data - Total (2):        
Hospice admissions  10,430   6,746 
Average daily census  11,427   7,554 
Revenue per day, net $147.27  $147.58 
Cost of service per day $83.96  $75.20 
Average discharge length of stay  98   97 


  For the Six-
Month Periods
Ended June 30,
 
  2019  2018 
Financial Information (in millions):        
Medicare $276.5  $188.7 
Non-Medicare  13.7   10.0 
         
Net service revenue  290.2   198.7 
Cost of service  161.4   101.8 
         
Gross margin  128.8   96.9 
Other operating expenses  64.7   40.8 
         
Operating income $64.1  $56.1 
         
Same Store Growth (1):        
Medicare revenue  5  12
Hospice admissions  6  6
Average daily census  7  12
Key Statistical Data - Total (2):        
Hospice admissions  20,141   13,679 
Average daily census  10,709   7,385 
Revenue per day, net $149.72  $148.66 
Cost of service per day $83.25  $76.15 
Average discharge length of stay  98   97 

(1) Same store information represents the percent change in our Medicare revenue, Hospice admissions or average daily census for the period as a percent of the Medicare revenue, Hospice admissions or average daily census of the prior period.
(2) Total includes acquisitions and denovos.

Segment Information - Personal Care

  For the Three-
Month Periods
Ended June 30,
 
  2019  2018 
Financial Information (in millions):        
Medicare $—   $—  
Non-Medicare  21.2   18.7 
         
Net service revenue  21.2   18.7 
Cost of service  15.6   14.4 
         
Gross margin  5.6   4.3 
Other operating expenses  3.2   3.3 
         
Operating income $2.4  $1.0 
         
Key Statistical Data - Total (1):        
Billable hours  848,245   797,228 
Clients served  12,962   12,683 
Shifts   382,287    356,874 
Revenue per hour $25.01  $23.48 
Revenue per shift $55.49  $52.45 
Hours per shift  2.2   2.2 


  For the Six-
Month Periods
Ended June 30,
 
  2019  2018 
Financial Information (in millions):        
Medicare $  $ 
Non-Medicare  41.4   36.6 
         
Net service revenue  41.4   36.6 
Cost of service  31.1   28.2 
         
Gross margin  10.3   8.4 
Other operating expenses  6.4   6.6 
         
Operating income $3.9  $1.8 
         
Key Statistical Data - Total (1):        
Billable hours  1,681,862   1,547,181 
Clients served  14,687   14,350 
Shifts  758,469   705,040 
Revenue per hour $24.60  $23.66 
Revenue per shift $54.56  $51.91 
Hours per shift  2.2   2.2 

(1) Total includes acquisitions.

Segment Information - Corporate

  For the Three-
Month Periods
Ended June 30,
 
  2019  2018 
Financial Information (in millions):        
Other operating expenses $40.2  $31.1 
Depreciation and amortization  3.7   2.0 
         
Total operating expenses $43.9  $33.1 
         


  For the Six-
Month Periods
Ended June 30,
 
  2019  2018 
Financial Information (in millions):        
Other operating expenses $81.5  $61.3 
Depreciation and amortization  5.1   4.5 
         
Total operating expenses $86.6  $65.8 
         

AMEDISYS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP MEASURES
(Amounts in thousands)
(Unaudited)

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”):

  For the Three-
Month Period 
Ended June 30,
  For the Six-
Month Period
Ended June 30,
 
  2019  2018  2019  2018 
Net income attributable to Amedisys, Inc. $33,742  $33,349  $65,046  $60,508 
Add:                
Income tax expense  10,308   10,596   21,186   20,159 
Interest expense, net  4,312   2,026   7,637   3,609 
Depreciation and amortization  5,179   3,125   8,074   6,718 
Certain items (1)  8,257   1,035   15,171   1,224 
Interest component of certain items (1)  (446  (446  (887  (829
                 
Adjusted EBITDA (2) (6) $61,352  $49,685  $116,227  $91,389 
                 

Adjusted Net Service Revenue Reconciliation:

  For the Three-
Month Period 
Ended June 30,
  For the Six-
Month Period 
Ended June 30,
 
  2019  2018  2019  2018 
Net service revenue $492,984  $411,603  $960,324  $810,865 
Add:                
Certain items (1)  5,515   1,687   5,993   1,687 
                 
Adjusted net service revenue (3) (6) $498,499  $413,290  $966,317  $812,552 
                 

Adjusted Net Income Attributable to Amedisys, Inc Reconciliation:

  For the Three-
Month Period 
Ended June 30,
  For the Six-
Month Period 
Ended June 30,
 
  2019  2018  2019  2018 
Net income attributable to Amedisys, Inc. $33,742  $33,349  $65,046  $60,508 
Add:                
Certain items (1)  6,110   766   11,226   906 
                 
Adjusted net income attributable to Amedisys, Inc. (4) (6) $39,852  $34,115  $76,272  $61,414 
                 

Adjusted Net Income Attributable to Amedisys, Inc. per Diluted Share:

  For the Three-
Month Period
Ended June 30,
  For the Six-
Month Period
Ended June 30,
 
  2019  2018  2019  2018 
Net income attributable to Amedisys, Inc. common stockholders per diluted share $1.02  $0.98  $1.98  $1.76 
Add:                
Certain items (1)  0.19   0.02   0.34   0.03 
                 
Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share (5) (6). $1.21  $1.00  $2.32  $1.79 
                 

(1) The following details the certain items for the three and six-month periods ended June 30, 2019 and 2018:

Certain Items:

  For the Three-
Month Period 
Ended
June 30, 2019
  For the Six-
Month Period
Ended
June 30, 2019
 
  (Income)
Expense
  (Income)
Expense
 
Certain Items Impacting Net Service Revenue:        
Contingency accrual $5,523  $6,541 
Planned closures (7)  (8)  (548)
Certain Items Impacting Cost of Service:        
Planned closures (7)  313   1,157 
Certain Items Impacting Operating Expenses:        
Planned closures (7)  69   157 
Acquisition costs  4,494   10,252 
Legal fees - non-routine  108   (24)
Certain Items Impacting Total Other Income (Expense):        
Miscellaneous, other (income) expense, net  (2,242)  (2,364)
         
Total $8,257  $15,171 
         
Net of tax $6,110  $11,226 
         
Diluted EPS $0.19  $0.34 
         
   
  For the Three-
Month Period 
Ended
June 30, 2018
  For the Six-
Month Period
Ended
June 30, 2018
 
  (Income)
Expense
  (Income)
Expense
 
Certain Items Impacting Net Service Revenue:        
Florida self-audit (pre-acquisition) $1,687  $1,687 
Certain Items Impacting Operating Expenses:        
Acquisition costs  440   875 
Legal fees - non-routine  543   1,105 
Certain Items Impacting Total Other Income (Expense):        
Miscellaneous, other (income) expense, net  (1,635)  (2,443)
         
Total $1,035  $1,224 
         
Net of tax $766  $906 
         
Diluted EPS $0.02  $0.03 
         

(2) Adjusted EBITDA is defined as net income attributable to Amedisys, Inc. before provision for income taxes, net interest expense and depreciation and amortization, excluding certain items as described in footnote 1.
(3) Adjusted net service revenue is defined as net service revenue excluding certain items as described in footnote 1.
(4) Adjusted net income attributable to Amedisys, Inc. is defined as net income attributable to Amedisys, Inc. calculated in accordance with GAAP excluding certain items as described in footnote 1.
(5) Adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share is defined as diluted income per share calculated in accordance with GAAP excluding the earnings per share effect of certain items as described in footnote 1.
(6) Adjusted EBITDA, adjusted net service revenue, adjusted net income attributable to Amedisys, Inc. and adjusted net income attributable to Amedisys, Inc. common stockholders per diluted share should not be considered as an alternative to, or more meaningful than, income before income taxes or other measures calculated in accordance with GAAP. These calculations may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate these non-GAAP financial measures in the same manner.
(7) Planned closures consist of in-patient units acquired from Compassionate Care Hospice whose operations ceased in April 2019.

AMLogo_Vertical-7489U.jpg

Source: Amedisys, Inc.


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